A quick look at yesterday: after closing at 4,158.77 Wednesday, the S&P 500 maintained a strong bullish bias that helped the index close higher at 4,198 yesterday. However, market bears ensured the the S&P 500 topped out at 4,202.2 and that by the end of the session, the market had marked out a distinct 4,153.5 to 4,202.2 range.

United States Fed Chair Powell speech is next today at 15:00 UTC.

The S&P upside coincides with further encouraging market factors as United States Initial Jobless Claims improved upon its previous reading of 264,000 with a new data release of 242,000.

At the same time, United States Existing Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 4.28 million, while the previous figure was 4.43 million. United States Philadelphia Fed Manufacturing Index (May) came out at -10.4, while a consensus of analysts was expecting -19.8.

The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. Bollinger Band® analysis indicates that current price action is approaching the upper band at 4,282.81, thereby suggesting that the S&P 500 is becoming overvalued. The S&P 500 is 17.62 points away from testing key resistance at 4,215.67. Peaking above this level could inspire market bulls and open the path to further gains. In contrast, the S&P is currently trading around the 4,169.48 Fibonacci resistance level.

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest the S&P 500 is set for a reversal in the coming days.

Other markets are also showing gains as notably, Nasdaq rose 1.51% yesterday and closed at 12,500. ASX 200 ascends 0.59% yesterday and closed at 7,236.8.

At the same time, after ending yesterday's session at 19,727, Hang Seng lost 276.68 points and is trading around 19,451.

Also worthy of note, United States Fed Chair Powell speech set for today at 15:00 UTC.

The index has been trending positively for about 2 months. This year has been a bright one for the S&P 500 after trading as low as 3,577 and going on to appreciate by 9.88% year to date.